Victoria-based Peloton Technologies Closes Seed Financing Round with $2 Million in Funding To Expand Growth InitiativesMonday, November 27, 2023
Canadian Fintech Simplifying SME Payments Closes Seed Round with $2M in Funding
Victoria, BC, November 27, 2023--(T-Net)--Victoria-based Peloton Technologies has announced the close of their late seed round after securing $2 million in investment.
This funding is earmarked for activities that contribute to the company's growth trajectory.
Founded in 2011, Peloton's mission is to change the Canadian payments industry for the better by simplifying the traditionally convoluted workflows faced by SMEs (Small and Medium Sized Enterprises).
Peloton's platform supports the widest range of payment needs for SMEs in the market, according to the company.
John MacKinlay, Executive Chair of the Board, Peloton Technologies (Photo Credit: Peloton Technologies)
"We're thrilled with the response from the Private Investor community. We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law. This capital is instrumental to our acquisition strategy and a catalyst to our organic growth initiatives. It's a precursor to a larger capital raise planned for Q1/Q2 of 2024." said John MacKinlay, Executive Chair of the Board, Peloton Technologies.
With rapid growth their goal, Peloton says it has also recently acquired an ISO (Independent Sales Organization) and rolled their merchant services operations into Peloton's sales team.
The new investment bolsters Peloton's growth strategy through the acquisition of additional ISOs. Acquiring ISOs expands Peloton's client base and sales operations, expediting the delivery of their innovative service offerings, according to the company.
At Peloton Technologies, the mission is to make all payments simple and efficient. We're making that happen through the development of our complete commerce solution. We believe organizations should be free to spend more time on what they set out to do and less time handling payments. With a decade of R&D and real-world application, Peloton Technologies is the leading Canadian FinTech providing small to medium businesses with access to the global market.
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